Brooks Laboratories IPO : Opening on 16th August 2011

Chhattisgarh based Brooks Laboratories Limited is entering into primary market with an Initial Public Offering (IPO) of 7,000,000 Equity Shares of Rs 10 each. The IPO is opening on 16th August 2011 and the shares will be available for subscription up to 18th August 2011. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has been fixed at Rs 90 – Rs 100. The company is likely to raise around Rs 63.00 crore through the issue at the upper level of price band. Brooks Laboratories Limited established in 2002 and manufactures pharmaceutical formulations namely tablets, injections and dry syrups.

The IPO proceeds will be used by Brooks Laboratories Limited to set up the company’s new manufacturing unit at JB SEZ, Panoli, Gujarat for manufacturing of various pharmaceuticals formulations , meet long term working capital requirement , meet general corporate purpose and to meet issue expenses and listing of shares on stock exchanges.

The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).